Monday, November 9, 2009

Charlottesville Albemarle Commercial Real Estate: Many Vacancies Plus Businesses Still Closing. But Hey, Could Be Worse!

Stores and restaurants are still closing in this area--most recently, think "Nature's Child" Downtown as well as 29N, and Wild Greens in the North Wing of Barracks Road.  The strip mall that includes Whole Foods, Shopper's World on 29N, has a slew of empty storefronts, and the ex-Circuit City building in Albemarle Square is still empty--just "waiting" for the "right" tenant a year later.   

Whole swaths of the Downtown Mall are deserted, and the ugly exoskeleton of the Landmark Hotel is an exclamation point on the emptiness.  New retail and business construction has ground to a halt, except in the case of Wendell Wood and Wal-Mart's expansion. 

But the important thing to remember, according to an article in today's DP, is that things could be lots worse When compared to Richmond, a metropolitan area many times the size of Cville, we're doing just fine.

Read the good news spin here.  

Related Reading:
Nationwide Commercial RE: "Gloomy Times"   
Albemarle County Basing Budget on Fanciful Future RE Tax Revenues
Area Commercial Real Estate Spring 2009
Local/National Unemployment Latest Figures

5 comments:

Anonymous said...

Some new stores have opened, too. Multiple new shops and restaurants in Barracks (including Anthropologie), new restaurants in Belmont, new shops on the Mall (including Urban Outfitters), continued development of Martha Jefferson's new facilities. (Also, any evidence that the closing of Wild Green's is due to the economy?)

As for how Cville is doing, to take just one measure suggested by the post above, would anyone want to return to the Downtown Mall of 1995? 2000? even 2005?

Still too much gloom on this blog.

Reality Check said...

Dude, get a grip. Read comments following the DP story for a reality check. UO and Anthro are national chains. Martha Jeff is part of the Medical industrial complex.

How long until anthro pushes Scarpa out of business? Or UO pushes Jean Theory and other little businesses out of business?

What you call gloom other people see as reality. That Daily Prog story wasnt journalism.

Anonymous said...

Could you post a link to the Daily Progress story? I haven't seen it.

For purposes of this post, I'm not sure why it matters that Urban Outfitters (as opposed to Foot Locker?) and Anthropologie (which replaced a Hollywood Video, right?) are national chains. That's still some signal that those chains think there is a viable market here -- worth opening new stores in the last year.

They might be wrong, and, even if they're right, that might be a bad thing for local small businesses. I don't know if that's true or not. I guess we'll see. I hope those stores don't drive out existing businesses. But that isn't the point. The post above was about businesses closing in Cville, and that's only part of the story.

And there are new small businesses opening as well -- Winky's, Tavola, Cramer Photo, to name a few that I've come across recently. There are no doubt others. Maybe other readers can chime in.

Be gloomy if you want, but the reality includes some regular turnover and some new businesses, too. It'd be good, on occasion, to recognize that.

(And which hospital of this size isn't part of the "medical industrial complex"? Would you prefer it if Martha Jefferson just closed?)

Real C'ville - The Bubble Blog said...

The hyperlink is on the last word of the post.

Thanks for your upbeat perspective.

Real C'ville - The Bubble Blog said...

One month increase in sales tax revs in County

http://www2.dailyprogress.com/cdp/news/local/article/surprise_sales_tax_revenue_up_4_percent/48828/